Manx Ventures has taken a 50.1% interest in PAL, with the remaining 49.9% share due to be acquired at a later stage, at which point Payment Assist will become fully integrated within MFG.
Established in 2013, initially to help consumers spread their garage repair payments, Payment Assist has grown significantly during the last decade. Beyond its core automotive-based lending, the company is now a leading source of short and longer-term finance solutions across a variety of business sectors, including retail and legal. The company has been regulated by the Financial Conduct Authority since 2014.
During this period, Conister Bank has consistently provided funding to Payment Assist, developing a close working relationship with the PAL team.
Commenting on the acquisition, Group CEO Douglas Grant, said: "This is a major acquisition for the Group, not only in terms of deploying our liquidity safely, but also in continuing to progress our growth strategy.
“We have worked with Payment Assist for over seven years through our banking subsidiary, Conister Bank Limited. During that time, we have developed an ever-closer relationship, so a joint venture was the natural next step to support Payment Assist achieve their growth ambitions.
“Their customer focused, short-term lending products were in great demand during the pandemic and are equally as relevant today, during these uncertain economic times,” Douglas added.
Payment Assist CEO, Neil Jeffery, commented: "We are delighted to have completed this transaction and to embark upon this exciting new chapter. Having worked with Conister Bank for a number of years, we are confident that this partnership will enable Payment Assist to continue to grow as one of the leading point-of-sale lenders in the United Kingdom."